Legal Question in Wills and Trusts in Pennsylvania

Re: Trust vs Wills

Wills take effect at death and are public because they must be filed with the Register of Wills in the county where the decedent lived. They can be simple (e.g., everything to my son/daughter) and administration is a one-time thing. Wills can be changed before death.

Trusts can allow for some greater privacy (although I personally never met anyone who goes around looking up filed wills) and transfer of assets in advance of death. A typical trust might be to transfer the family home to a child but retain a life estate for its use. Irrevocability is an important part of effective trusts, so you may not be able to change your mind later.

This is general information for discussion purposes. We would have to have an attorney-client relationship for me to give legal advice. In the wills and trusts area in particular, consultation about your individual situation with an attorney is advisable.

Re: Trust vs Wills

In addition to a will, trusts are often used to accomplish estate planning objectives. Briefly, a will states your intentions regarding to whom and how your assets will be given away, and who will be guardian of your children, after your death. On the other hand, when you put property into a trust, you enter into an agreement with the trustee. The trustee holds the property for the stated length of time and under the stated conditions, for the benefit of the beneficiaries - those whom you wish to get the trust's income of principal. The trust allows you to give away income or property, and to place restrictions on the time or manner in which the donee (recipient) will receive the property. Trusts are also important in planning for estate and income tax savings.

In some states, the probate process - filing the will and administering the estate - is very complex and costly. People often prefer to rely on trusts in addition to a will in those states. Pennsylvania has a relatively easy and inexpensive probate process, so it is not necessary to try to "avoid probate" in PA.

There are many reasons for using trusts, none of which make a will totally unnecessary. Therefore, you should consult with an estate planning attorney to find the best strategy for you.